Category Archives: Divorce

Managing Money During Major Life Events

major life changeAre you getting married, divorced?  Have you lost your job?  How about a baby? or Buying your first home?  We have put together some thought provoking ideas to slow you down and think how you can be prepared for effectively managing your money during some of these major life events.

Marriage

  • Discuss finances early on. If one spouse is a stingy saver while the other is a carefree spender, it can be cause for turmoil in a marriage, especially if the issue isn’t discussed early on. Do you prefer a joint bank account? Separate bank accounts? Or maybe the concept of “Yours, Mine & Ours” is best for you, with one joint account for fixed monthly expenses and two separate accounts for discretionary spending. Be preemptive and talk about how you’ll manage your finances, long before an issue even arises. You’ll both be more likely to address the issue calmly and constructively, and you’ll be better equipped to resolve any future disagreements. At the very least walk away from the conversation knowing each others viewpoint.
  • Design a budget you’ll both be able to stick to. This depends on how your bank accounts are set up, what your financial goals are and how your spending styles differ. The most important thing to set measurable, attainable goals, and then follow up with weekly or monthly money meetings to keep each other accountable and on track.
  • Contribute to an emergency fund, retirement plan and debt payment plan—together. These are long-term goals that should be included in any budget but are particularly important for couples to work toward together. Not only might it be quicker than trying to reach your goals alone, meaning it’ll save interest on a debt payment plan or earn more interest on an emergency fund, but also opens you both up to more options for a stable financial future. For example, if one person has better retirement options than the other, use that knowledge to allocate your resources wisely and maximize your return.

Continue reading Managing Money During Major Life Events

Are You Living House Poor?

empty-wallet-SCOne common problem that people run into is that they become house poor.  What does this mean?  You are house poor if you have no extra money to pay for emergencies, cover your expenses and save for the future, because your house payment is too large. Your house payment should be about twenty-five percent of your take home pay. Some people think it is okay to go up to about thirty percent if you have no other outstanding debt, and do not plan on going into debt. You may end up house poor if your circumstances change and you begin to struggle to make your payments. For instance if one of you decides to Continue reading Are You Living House Poor?

Are You Cheating Financially On Your Partner?

cheating-financiallyA record number of Americans are cheating on their partner or spouse, not with someone else, but with money.

From secret credit card purchases to hidden bank accounts, a January 2014 online survey by the National Endowment for Financial Education (NEFE) found that financial infidelity is on the rise. In fact, 35 percent of adults with combined finances admit to having hidden a purchase, bank account, statement, bill, or cash from their significant other, up from 31 percent in 2011. Thirteen percent of respondents said they’ve committed more severe deceptions, like lying about the amount of debt that they owe or even the amount of income they earn. Continue reading Are You Cheating Financially On Your Partner?

Buying And Selling At The Same Time

Doug Haldeman Show webAnd you thought buying or selling a home was scary. Either one can be, of course, but there’s nothing like doing both at once to foster a flurry of “what ifs.”

What if I buy a new house, but my old one doesn’t sell?

What if I sell my old house, but can’t find a new one?

And what if I try to do both at once and end up going completely crazy in the process?

Don’t worry, you won’t, as long as you take the time to think things through. Depending on your particular situation, it may make more sense to buy first, then sell — or just the opposite. Below are some factors to consider.  To learn more be sure to tune in Today at 4 pm on FM NewsTalk 97.1 The Doug Haldeman Show.

Continue reading Buying And Selling At The Same Time

Buying and Selling At The Same Time

Doug Haldeman Show webAnd you thought buying or selling a home was scary. Either one can be, of course, but there’s nothing like doing both at once to foster a flurry of “what ifs.”

What if I buy a new house, but my old one doesn’t sell?

What if I sell my old house, but can’t find a new one?

And what if I try to do both at once and end up going completely crazy in the process?

Don’t worry, you won’t, as long as you take the time to think things through. Depending on your particular situation, it may make more sense to buy first, then sell — or just the opposite. Below are some factors to consider.  To learn more be sure to tune in this Sunday at 4 pm on FM NewsTalk 97.1 The Doug Haldeman Show.

Continue reading Buying and Selling At The Same Time